Economic Development and Economic Growth: Case Study
Journal Title: Journal of Economics, Finance and Management Studies - Year 2022, Vol 5, Issue 06
Abstract
The paper motion to differentiate the terms of economic growth and economic development, the first being a quantitative component of the second one. Economic development also has a qualitative element on the quality of life or living conditions. We propose a case study to compare the level of economic growth measured by GDP with that of economic development, measured by several indicators, that would cover aspects of quality of life, beside having GDP to cover the quantitative aspect. The database is composed from World Bank for countries on 3 continents, the purpose being to cluster the countries according to their level of development, respectively economic growth. For the given data set, the results prove to be identical for both studies, i.e. grouping by the levels of economic development could have been done only based on GDP.
Authors and Affiliations
Alexandra-Ana-Maria Nastu, Andreea Dumitrache, Denisa Melian
Keywords
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- EP ID EP708157
- DOI 10.47191/jefms/v5-i6-12
- Views 102
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